|Day Low/High||40.72 / 46.12|
|52 Wk Low/High||27.35 / 55.85|
'If there are worries about the market topping out it isn't evident in [today's] price action.'
Equities are holding up well, despite concerns that good economic news increases the chances of a rate hike.
I may have to use an index play to get more money to work.
Ideally I'd like to buy a negative response to Janet Yellen tomorrow.
There is still some good speculative action out there.
There is hesitancy to chase, especially with the FOMC rate decision this afternoon.
Conditions are still overbought, staying stubbornly sticky to the upside.
Keep in mind that strong action like this tends to create underlying support.
Despite the S&P 500 reaching an all-time high, there is some hesitancy to keep chasing.
The Friday action was so surprising that many were poorly positioned -- and they are still scrambling to reposition.
We have chronically underinvested bulls, nervous bears and algos.
The problem for the bears is that there are still plenty of folks trying to extract some gains from the upside.
I can't seem to put enough capital to work in individual stocks.
It's a big move today, but the recent pattern doesn't inspire hope for it to last.
We are back to the old pattern of squeezing shorts and frustrating underinvested longs.
The only strategy that this market seems to recognize is buying the dips.
The market may actually have a dip at some point, but the bulls will jump on any pullbacks.
If going short, give upside momentum plenty of room and wait for some actual weakness.
Now is not the time to buy them, but they have the potential for big moves.
Wal-Mart sets the tone, but selling hasn't been bad enough to kill rally.